Canadian Underwriter

Insurance Bureau of Canada

Buildings are seen in floodwater following a major rain event in Halifax on Saturday, July 22, 2023. A long procession of intense thunderstorms have dumped record amounts of rain across a wide swath of Nova Scotia, causing flash flooding, road washouts and power outages
News BrokersCatastrophesClaimsClimate ChangeInsuranceMarkets / CoveragesRisk

What the Nova Scotia floods cost insurers

August 24, 2023 by Alyssa DiSabatino

A flood and rainstorm event that hit Nova Scotia in July is estimated to have caused over $170 million in insured damage, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ).  The atmospheric river event dropped more than

3D render and image composing: Topographic Map of Canada. Including country borders, rivers and accurate longitude/latitude lines.
News BrokersCatastrophesClaimsCommercial LinesInsuranceMarkets / CoveragesRisk

Brokers, insurers differ on the value of numerous flood products for home owners

July 4, 2023 by Alyssa DiSabatino

Canada’s property and casualty insurance brokers have long maintained the need for a unified flood map, but insurers want to compete on their proprietary flood maps, and the ongoing differences between brokers and their insurance partners on this point became

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News AssociationsBrokersCommercial LinesInsuranceMGAsRisk

How insurers will handle new third-party risk-management guideline

May 18, 2023 by Alyssa DiSabatino

Canada’s financial solvency regulator’s new guideline for managing risks associated with third parties (including brokers) will require insurers to find a ‘balance point’ for compliance, one industry expert said.  The Office of the Superintendent of Financial Institutions Guideline B-10: Third-Party

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News BrokersCatastrophesClimate ChangeCommercial LinesInsurance

How the protection gap affects Canada

March 15, 2023 by Alyssa DiSabatino

A growing global protection gap in NatCat and cyber will require more collaboration between public entities and private companies, lest consumers become increasingly uninsurable, the Global Federation of Insurance Associations (GFIA) said in a new report.  The report identified a

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News Insurance

What the Alberta NDP’s auto rate freeze would mean for insureds and insurers

January 11, 2023 by Alyssa DiSabatino

Alberta brokers and insurers believe a New Democratic Party proposal to freeze auto insurance rates won’t solely reduce auto premiums and will instead make it harder for drivers to obtain coverage, auto insurance experts tell Canadian Underwriter. A better solution

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News BrokersClaimsInsuranceLegislation / RegulationMarkets / CoveragesProducts

Will Canada’s cyber reporting be harmonized?

September 30, 2022 by Alyssa DiSabatino

The Insurance Bureau of Canada would like to see a harmonization in Canada on cyber reporting, says Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “A lot of regulators around the world

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News AnnouncementsBrokersInsuranceLegislation / Regulation

Feds’ task force reveals preferred flood insurance models

August 30, 2022 by Alyssa DiSabatino

A federal government task force on flood insurance is leaning toward the public insurer and layered public insurer models of flood insurance programs for Canada. The public insurer model features a Crown corporation that underwrites comprehensive flood insurance through the

Two individuals walking in front of a Rogers storefront.
News BrokersInsuranceMarkets / CoveragesRisk

Are businesses covered for a telecom’s “maintenance oops”?

July 11, 2022 by Alyssa DiSabatino

Despite Interac payment systems and phone lines being down, most businesses will not have insurance coverage for any type of income loss as a result of the national Rogers outage on Friday, says one insurance expert.   The outage, which

A map of Ontario with a select focus on Southern Ontario. Cities and main highways are pictured.
News InsuranceMarkets / Coverages

IBC’s thoughts on Premier’s mission to end “unfair” postal code rating

July 8, 2022 by Alyssa DiSabatino

Ontario drivers may soon see the end of “unfair” rating of auto insurance policies based on postal codes, says Ontario Premier Doug Ford, and the Insurance Bureau of Canada agrees it may be time to modernize territorial rating.  “I know

News AnnouncementsAssociationsBrokersInsuranceLegislation / Regulation

Don Forgeron to retire from Insurance Bureau of Canada

June 23, 2022 by Alyssa DiSabatino

Don Forgeron will retire as president and CEO of the Insurance Bureau of Canada after a tenure of almost 30 years. He will also retire as a member of the IBC’s board of directors. The search for Forgeron’s successor will

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News AssociationsBrokersInsuranceLegal

P&C industry’s predictions for Ontario’s finance minister

June 13, 2022 by Alyssa DiSabatino

With the Ontario election in the rearview mirror, and Doug Ford re-elected as premier with a sizeable majority, the P&C industry is eagerly awaiting to hear who the next finance minister will be. But political pundits and insurance experts predict

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News BrokersClaimsClaims CanadaInsurance

Auto insurance caught in a political cross-fire

April 20, 2022 by Alyssa DiSabatino

Alberta’s insurance industry saw a claims ratio of 77% for auto in 2020. While this is an improvement from 2016’s claims ratio of 87%, it still poses challenges for the industry, one industry rep notes.   Despite signs the province’s